English, Article, Journal or magazine article edition: Yesterday's expectation of tomorrow determines what you do today: The role of reference-dependent utility from expectations Astrid Matthey

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Yesterday's expectation of tomorrow determines what you do today: The role of reference-dependent utility from expectations
Author
  • Astrid Matthey
Physical Description
  • preprint
Notes
  • The paper introduces the concept of adjustment utility, that is, reference-dependent utility from expectations. It offers an explanation for observed preferences that cannot be explained with existing models, and yields new predictions for individual decision making. The model gives a simple explanation for, e.g., why people are reluctant to change their plans even when these turn out to be unexpectedly costly; people's aversion towards positive but false information, which cannot be explained with previous models; and the increasing acceptance of risks when people get used to them.
  • utility, expectations, reference-dependent preferences, anticipation, prospect theory, experiments
  • RePEc:jrp:jrpwrp:2008-003
Language
  • English
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